Q2 26 EPS
$1.44
BEAT +12.61%
Est. $1.28
Q2 26 Revenue
$12.09B
BEAT +0.54%
Est. $12.03B
vs S&P Since Q2 26
-9.6%
TRAILING MARKET
DOW -5.0% vs S&P +4.6%
Market Reaction
Did DOW Beat Earnings? Q2 2026 Results
Dow Inc. Delivered a sharp earnings rebound in Q2 2026, posting adjusted EPS of $1.44 and beating the $1.28 consensus estimate by 12.61%, while revenue of $12.09 billion edged ahead of the $12.03 billion forecast and climbed 19.7% year over year. The… Read more Dow Inc. Delivered a sharp earnings rebound in Q2 2026, posting adjusted EPS of $1.44 and beating the $1.28 consensus estimate by 12.61%, while revenue of $12.09 billion edged ahead of the $12.03 billion forecast and climbed 19.7% year over year. The headline driver was a sweeping recovery in Packaging & Specialty Plastics, where a 30% surge in local polyethylene prices across all regions lifted segment net sales 27% to $6.38 billion and pushed operating EBIT to $1.28 billion from just $71.00 million a year ago. On a GAAP basis, the company swung to net income of $802.00 million from a loss of $801.00 million in Q2 2025, a reversal that silenced pre-earnings skepticism about whether any profit recovery could prove durable amid persistent industry overcapacity. Free cash flow recovered to $692.00 million versus negative $1.13 billion a year ago. Looking ahead, CEO Karen Carter raised the company's full-year self-help target to greater than $1.30 billion, roughly $200.00 million above prior expectations, as the Transform to Outperform program continues to gain momentum heading into the second half.
Key Takeaways
- • 20% local price increase year-over-year, led by higher polyethylene prices in all regions
- • Self-help initiatives from Transform to Outperform delivering ahead of plan
- • Higher integrated margins in Packaging & Specialty Plastics from polyethylene price expansion
- • Suspension of Sadara equity loss recognition benefiting Industrial Intermediates & Infrastructure
- • Volume growth of 6% in Performance Materials & Coatings driven by downstream silicones
DOW Forward Guidance & Outlook
CEO Karen Carter indicated that in the second half of 2026, Dow will continue building a more agile and resilient company by advancing three priorities: growth and innovation in attractive end markets, investing in and strengthening the portfolio, and ensuring balanced capital allocation. Transform to Outperform is delivering improvements in both growth and productivity, with the impact expected to ramp significantly throughout the remainder of 2026 and into 2027. The company now expects approximately $200 million more in benefits from Transform to Outperform this year, increasing total in-year self-help benefits to greater than $1.3 billion.
DOW YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
DOW Revenue by Segment
With YoY comparisons, source: SEC Filings
DOW Revenue by Geography
With YoY comparisons, source: SEC Filings
“Team Dow delivered strong second quarter results through disciplined and timely execution, reliably serving our customers, and accelerating our self-help actions. Market conditions were supportive this quarter, and our self-help initiatives delivered ahead of plan, further reinforcing the improvement in our earnings as we continue to strengthen Dow's resilience and agility. We now expect to generate approximately $200 million more in benefits from Transform to Outperform this year, enabling us to increase the total in-year benefits from self-help to greater than $1.3 billion. Our actions to become a leaner, more competitive company position Dow well to continue winning with our customers while delivering enhanced long-term shareholder value.”
— Karen S. Carter, Q2 2026 Earnings Press Release
DOW Earnings Trends
DOW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DOW EPS Trend
Earnings per share: estimate vs actual
DOW Revenue Trend
Quarterly revenue: estimate vs actual
DOW Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.28 | $1.44 | +12.61% | $12.09B | +0.54% |
| Q1 26 BEAT | $-0.30 | $-0.14 | +52.75% | $9.79B | +1.39% |
| Q4 25 BEAT FY | $-0.51 | $-0.34 | +33.70% | $9.46B | -0.11% |
| FY Full Year | $-1.03 | $-0.94 | +8.36% | $39.97B | -0.02% |
| Q3 25 BEAT | $-0.30 | $-0.19 | +36.84% | $9.97B | -2.49% |
| Q2 25 MISS | $-0.17 | $-0.42 | -146.19% | $10.10B | -1.20% |
| Q1 25 BEAT | $-0.01 | $0.02 | +249.25% | $10.43B | +1.66% |